Virginia, U.S. based and Indians-founded startup, Infinnium LLC, a 1-year-old software startup that develops solutions to improve information management and business decision-making through effective use of the latest artificial intelligence (AI) technology, announced today that it has raised “a multimillion-dollar” seed funding from Sahajanand Group, a Ahmedabad, Gujarat-based diversified group with three companies under its name.
Although based in the U.S., Infinnium too has its roots in Gujarat as all of its four co-founders — Harsh Sutaria, Hari Pandya, Nirav Avaiya and Hitesh Zunzuwadia, are all based out of Gujarat.
The startup plans to use the funding to support the final development efforts and market introduction of its 4iG™ Suite of solutions. The 4iG product suite leverages AI technology to provide visibility across an organization’s data repositories, offering insights into both structured and unstructured data. The 4iG framework allows corporations, law firms and other organizations to identify, analyze and govern information assets in support of business decision-making, data security and regulatory compliance.
ObscurePI™, a key module of the 4iG Suite, focuses on identification and management of personally identifiable information – a key component of HIPAA, GDPR, CCPA, Sarbanes-Oxley, FISMA and other data privacy and compliance regulations.
The Sahajanand Group is focused on developing pioneering smart technologies to bring groundbreaking solutions to the world’s most pressing challenges. “The investment in Infinnium recognizes the potential for AI and other data technologies to address growing challenges in data privacy, data protection and regulatory compliance.”, said the press release announcement.
Bhargav Kotadia, managing director, Sahajanand Group, “Globally organizations are facing exponential data growth, combined with increasing complexity in security and data privacy. Organizations are not well equipped to derive the financial benefits available from effective information governance, and they continue to face expensive penalties and loss of financial value as long as the IG technology gap exists.”
“We have invested in Infinnium with a long-term outlook. We believe that Infinnium has the strategic vision and groundbreaking AI solutions to lead the coming transformation in information governance and data privacy,” he added.
Hari J. Pandya, co-founder and chief financial officer at Infinnium, said, “We formed Infinnium to address huge risk, cost and compliance issues in the information governance market space. There exists substantially underutilized financial potential for decision support from structured and unstructured, numeric and textual data. Organizations in pursuit of effective information governance are hindered by the huge scale of data, manual efforts, a shortage of knowledge and a lack of specialized technology.”
“Infinnium is uniquely positioned to bridge those gaps with our sophisticated, simple and unified AI technology platform providing end users full control over information from diverse sources. We are pleased to have the Sahajanand Group endorse our vision and strategy, and we are excited to have them join hands with us with this vital funding,” Pandya said.
Notably, Pandya, the Infinnium co-founder, also sits in board of directors of Samara Capital-backed Sahajanand Medical Technologies, one of three companies of Sahajanand Group, which develops and manufactures invasive coronary stent systems. Last year in January, Sahajanand Medical Technologies had raised Rs 230 crore in a funding round led by Morgan Stanley Private Equity Asia.